Latest China DCM news

  • Mind the GAAP: Challenges persist for European Panda issuers

    European corporations have had an easier time selling Panda bonds than those from other parts of the world, thanks to Chinese regulators’ acceptance of their accounting standards. But a recent deal with a guarantee structure — a rarity in the budding asset class — appears to threaten that ease of access.

    • 16 Mar 2018
  • Asian bonds take a breather after supply overload

    Debt bankers in Asia hit a temporary pause button on Wednesday when no dollar deals were launched, as the market recovered from the overwhelming supply in recent weeks. But it was back to business on Thursday, with issuers braving rough conditions to hit the market.

    • 15 Mar 2018
  • Qingdao China Prosperity nabs $500m from debut

    Weak sentiment among investors for duration risk meant Chinese local government financing vehicle Qingdao China Prosperity State-owned Capital Operation (Group) Co sold a larger three year bond than a five year, finding support due to the buy-side’s familiarity with its city.

    • 14 Mar 2018
  • Chinese property dim sum rush continues with Greenland

    Greenland Holding Group Company has joined a slew of Chinese property developers issuing offshore renminbi bonds, but it left something on the table for investors to achieve a relatively large size of Rmb1.5bn ($237m).

    • 14 Mar 2018
  • Chinese issuers venture into euro market

    China’s Tianjin Rail Transit Group Co (TRT) and Chengdu Xingcheng Investment Group Co both dipped into the euro market on Tuesday, with the former printing a green bond.

    • 14 Mar 2018
  • Crédit Ag’s JV joins China auto ABS race

    GAC-Sofinco Auto Finance is preparing to sell a Rmb4bn ($633m) deal in the Chinese asset-backed securities market on March 20, set to be the third foreign name origination in three weeks.

    • 14 Mar 2018
  • Philippines ends long wait for Panda

    After months of anticipation, the Philippines is finally planning to come to the Panda bond market on March 20 for a Rmb1.46bn ($230m) three year deal.

    • 13 Mar 2018
  • Xinyuan pays ‘insane premium’ for bond

    China’s Xinyuan Real Estate Co has sold a par-priced $200m deal, paying one of the highest coupons for a public dollar bond in Asia so far this year.

    • 13 Mar 2018
  • China Eastern takes off with ¥50bn SBLC-backed Pro-Bond

    China Eastern Airlines Corp has raised ¥50bn ($468m) in Tokyo’s Pro-Bond market, breaking new ground in Japan with a standby letter of credit (SBLC) structure. Some bankers reckon the deal could be the first of many to come.

    • 12 Mar 2018
  • Asian debt issuers brace for volatile week

    Four Asian issuers began marketing dollar deals on Monday, as a number of others started testing buy-side appetite through roadshows. But borrowers will have to temper their expectations on size and price, faced with a choppy market backdrop.

    • 12 Mar 2018

China DCM news archive

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Industrial and Commercial Bank of China (ICBC) 21.88
2 China CITIC Bank Corp 18.75
2 Agricultural Bank of China (ABC) 18.75
2 CITIC Securities 18.75
5 China Merchants Securities Co 10.63

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 08-Mar-18 China Resources Land China 6,000
2 06-Mar-18 Air Liquide Finance France 2,200
3 09-Feb-18 Sino-Ocean Group Holdings Hong Kong 3,000
4 06-Feb-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,200
5 05-Feb-18 China Merchants Port Holdings (CMP) Hong Kong 500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 40.71
2 HSBC 14.48
3 DBS 5.36
3 Bank of China (BOC) 5.36
3 KGI Asia 5.36

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 16-Mar-18 First Abu Dhabi Bank PJSC United Arab Emirates 900
2 14-Mar-18 Greenland Holding Group China 1,500
3 08-Mar-18 Shinhan Bank South Korea 950
4 05-Mar-18 Country Garden Holdings China 950
5 02-Mar-18 Arab Petroleum Investments Corporation (Apicorp) Saudi Arabia 630